VESTAS WIND SYSTEMS A/S |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 191 DKK | +2.00% |
|
+6.61% | -10.85% |
| May. 09 | VESTAS WIND SYSTEMS : Berenberg gives a Buy rating | ZD |
| May. 08 | VESTAS WIND SYSTEMS : RBC maintains a Buy rating | ZD |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 17,585 | 38,825 | 26,978 | 27,282 | 28,982 | 25,851 | - | - |
| Enterprise Value (EV) 1 | 15,344 | 36,905 | 25,778 | 27,331 | 29,051 | 25,362 | 24,404 | 23,589 |
| P/E ratio | 25.4 x | 49.7 x | 158 x | -17.4 x | 359 x | 44.8 x | 21.1 x | 16.6 x |
| Yield | 1.18% | 0.59% | 0.19% | - | - | 0.64% | 1.25% | 1.72% |
| Capitalization / Revenue | 1.45 x | 2.62 x | 1.73 x | 1.88 x | 1.88 x | 1.51 x | 1.27 x | 1.14 x |
| EV / Revenue | 1.26 x | 2.49 x | 1.65 x | 1.89 x | 1.89 x | 1.48 x | 1.19 x | 1.04 x |
| EV / EBITDA | 9.9 x | 26.5 x | 18.7 x | -434 x | 28.3 x | 14.5 x | 9.11 x | 7.41 x |
| EV / FCF | 41.2 x | 101 x | 452 x | -31.3 x | 119 x | 48.1 x | 23.2 x | 17.8 x |
| FCF Yield | 2.42% | 0.99% | 0.22% | -3.2% | 0.84% | 2.08% | 4.3% | 5.62% |
| Price to Book | 5.34 x | 8.34 x | 5.71 x | 9.05 x | 9.57 x | 7.18 x | 5.69 x | 4.7 x |
| Nbr of stocks (in thousands) | 976,713 | 1,004,375 | 1,004,401 | 1,005,144 | 1,009,189 | 1,009,189 | - | - |
| Reference price 2 | 18.00 | 38.66 | 26.86 | 27.14 | 28.72 | 25.62 | 25.62 | 25.62 |
| Announcement Date | 2/5/20 | 2/10/21 | 2/10/22 | 2/8/23 | 2/7/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 12,147 | 14,819 | 15,587 | 14,486 | 15,382 | 17,117 | 20,427 | 22,772 |
| EBITDA 1 | 1,550 | 1,391 | 1,382 | -63 | 1,028 | 1,743 | 2,677 | 3,184 |
| EBIT 1 | 1,004 | 750 | 461 | -1,152 | 231 | 880.6 | 1,803 | 2,203 |
| Operating Margin | 8.27% | 5.06% | 2.96% | -7.95% | 1.5% | 5.14% | 8.83% | 9.68% |
| Earnings before Tax (EBT) 1 | 909 | 934 | 257 | -1,696 | 102 | 762.2 | 1,676 | 2,134 |
| Net income 1 | 704 | 765 | 167 | -1,572 | 77 | 587.9 | 1,244 | 1,600 |
| Net margin | 5.8% | 5.16% | 1.07% | -10.85% | 0.5% | 3.43% | 6.09% | 7.03% |
| EPS 2 | 0.7100 | 0.7780 | 0.1700 | -1.560 | 0.0800 | 0.5714 | 1.214 | 1.547 |
| Free Cash Flow 1 | 372 | 364 | 57 | -874 | 245 | 527.3 | 1,050 | 1,326 |
| FCF margin | 3.06% | 2.46% | 0.37% | -6.03% | 1.59% | 3.08% | 5.14% | 5.82% |
| FCF Conversion (EBITDA) | 24% | 26.17% | 4.12% | - | 23.83% | 30.25% | 39.21% | 41.66% |
| FCF Conversion (Net income) | 52.84% | 47.58% | 34.13% | - | 318.18% | 89.7% | 84.36% | 82.9% |
| Dividend per Share 2 | 0.2120 | 0.2280 | 0.0500 | - | - | 0.1630 | 0.3212 | 0.4404 |
| Announcement Date | 2/5/20 | 2/10/21 | 2/10/22 | 2/8/23 | 2/7/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2021 S1 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 8,296 | 5,776 | 5,498 | 4,551 | 2,485 | 3,305 | 5,790 | 3,913 | 4,783 | 2,829 | 3,429 | 6,258 | 4,353 | 4,771 | 2,681 | 3,799 | 4,738 | 5,724 | 3,814 | 4,586 |
| EBITDA 1 | - | - | - | 358 | -20 | 41 | - | 101 | -185 | 236 | 132 | - | 264 | 396 | 131 | 335.9 | 518.4 | 701.9 | 450.2 | 554.2 |
| EBIT 1 | - | - | 30 | 106 | -329 | -182 | -511 | -127 | -514 | 40 | -70 | -30 | 70 | 191 | -68 | 129.7 | 294.5 | 458.1 | 228.7 | 341.5 |
| Operating Margin | - | - | 0.55% | 2.33% | -13.24% | -5.51% | -8.83% | -3.25% | -10.75% | 1.41% | -2.04% | -0.48% | 1.61% | 4% | -2.54% | 3.41% | 6.22% | 8% | 6% | 7.45% |
| Earnings before Tax (EBT) 1 | - | - | - | 42 | -889 | -139 | -1,028 | -171 | -480 | 31 | -130 | -99 | 28 | 173 | -105 | 118 | 226 | 460 | 175.9 | 326.6 |
| Net income 1 | - | -82 | 28 | 17 | -765 | -119 | -884 | -147 | -541 | 15 | -115 | -99 | 29 | 148 | -75 | 87.8 | 214 | 293 | 132.8 | 244 |
| Net margin | - | -1.42% | 0.51% | 0.37% | -30.78% | -3.6% | -15.27% | -3.76% | -11.31% | 0.53% | -3.35% | -1.58% | 0.67% | 3.1% | -2.8% | 2.31% | 4.52% | 5.12% | 3.48% | 5.32% |
| EPS 2 | - | -0.0840 | 0.0300 | 0.0200 | -0.7600 | -0.1200 | -0.8800 | -0.1500 | -0.5300 | 0.0100 | -0.1200 | -0.1000 | 0.0300 | 0.1466 | -0.0700 | 0.0778 | 0.1974 | 0.2982 | 0.1301 | 0.2408 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.2008 |
| Announcement Date | 2/5/20 | 8/11/20 | 8/11/21 | 2/10/22 | 5/1/22 | 8/10/22 | 8/10/22 | 11/2/22 | 2/8/23 | 5/10/23 | 8/9/23 | 8/9/23 | 11/8/23 | 2/7/24 | 5/2/24 | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | 49 | 69 | - | - | - |
| Net Cash position 1 | 2,241 | 1,920 | 1,200 | - | - | 490 | 1,447 | 2,262 |
| Leverage (Debt/EBITDA) | - | - | - | -0.7778 x | 0.0671 x | - | - | - |
| Free Cash Flow 1 | 372 | 364 | 57 | -874 | 245 | 527 | 1,050 | 1,326 |
| ROE (net income / shareholders' equity) | 22.1% | 21.4% | 3.6% | -43.9% | 2.6% | 16.3% | 27.8% | 29.9% |
| ROA (Net income/ Total Assets) | 6.28% | 4.71% | 0.88% | -7.91% | 0.36% | 2.55% | 4.71% | 5.63% |
| Assets 1 | 11,219 | 16,245 | 18,936 | 19,869 | 21,300 | 23,078 | 26,406 | 28,409 |
| Book Value Per Share 2 | 3.370 | 4.630 | 4.700 | 3.000 | 3.000 | 3.570 | 4.500 | 5.450 |
| Cash Flow per Share 2 | 0.8300 | 0.7600 | 0.9900 | -0.1900 | 1.020 | 1.420 | 1.930 | 2.690 |
| Capex 1 | 776 | 688 | 876 | 819 | 892 | 1,177 | 1,115 | 1,167 |
| Capex / Sales | 6.39% | 4.64% | 5.62% | 5.65% | 5.8% | 6.87% | 5.46% | 5.12% |
| Announcement Date | 2/5/20 | 2/10/21 | 2/10/22 | 2/8/23 | 2/7/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
25.62
EUR
Average target price
29.86
EUR
Spread / Average Target
+16.57%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -10.85% | 27.83B | |
| +4.45% | 6.5B | |
| -1.33% | 4.67B | |
| 0.00% | 4.19B | |
| -6.12% | 2.71B | |
| +8.61% | 2.12B | |
| -16.45% | 1.96B | |
| +53.27% | 1.67B | |
| -31.34% | 1.46B | |
| -13.29% | 1.54B |
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